A new proposal by the U.S. Securities and Exchange Commission (SEC) aims to redefine what it means to be a securities dealer – a move industry experts say could cripple the decentralized finance (DeFi) industry. cheyenneligon reports
Gabriel Shapiro, general counsel at crypto research firm Delphi Digital,The proposal would bring all automated market makers and liquidity providers with more than $50 million in total assets under management under the SEC’s regulatory umbrella and thus subject to the SEC’s registration requirements – something that would be impossible for many decentralized exchanges.
Any decentralized exchanges that fit the new criteria under the proposal that didn’t register with the SEC could then, Shapiro argued, be declared unregistered dealers – a felony offense under the Securities Act.The inclusion of crypto as a single footnote in the massive proposal has been seen by some lawyers as a deliberate attempt to add confusion and uncertainty into the crypto markets.
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